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Govt could close formalities of just two sick PSUs since 2014
Indian Oil —CREDA Biofuels and CREDA-HPCL Biofuels are the ones have been liquidated while loss-making companies like HMT Watches, Indian Drugs Pharmaceuticals Ltd. (IDPL) and Tungabhadra Steel Products and Hindustan Photo Films, are still waiting to be closed
New Delhi: The Modi government has completed the closure formalities of just two of 19 terminally sick central public sector enterprises (CPSEs) that have been permitted for closure since the party's ascendancy to power in 2014. The inability to wind up more sick CPSEs has been attributed to delays in disposal of lands and other immovable assets, non-payment of statutory dues like salaries and taxes and stay orders put by courts.